Bill > SB10

This bill, concerning school district cash balances, amends existing law to require the secretary of public education to reduce fiscal year 2017 state equalization guarantee distributions by a total of $25 million. This reduction serves as a credit for what are considered excess operational fund cash balances carried over from fiscal year 2016 by school districts and charter schools. The state equalization guarantee is a primary funding mechanism for public schools. The bill also outlines how this reduction will be applied, with the secretary notifying affected districts and charter schools of their individual amounts by November 1, 2016, and then distributing the reduction in equal monthly installments from November 2016 through June 2017. The term "eligible membership" is defined for the purpose of calculating these reductions, excluding districts and charter schools that received emergency supplemental distributions.